Catenaa, Friday, November 14, 2025-Caroline Pham, acting chair of the Commodity Futures Trading Commission, confirmed the agency is in talks with regulated exchanges to launch spot crypto trading with leverage as soon as next month.
Discussions include major exchanges such as CME, Cboe Futures Exchange, ICE Futures, as well as crypto-native platforms Coinbase Derivatives, Kalshi, and Polymarket US.
Pham said the initiative uses existing authority under the Commodity Exchange Act to allow leveraged and margin-based crypto trading without waiting for new Congressional legislation.
Leveraged spot products let investors borrow funds to increase exposure to assets like bitcoin and ether, potentially magnifying both gains and losses.
Trades are typically collateralized with margin, while the exchange provides financing for the remainder of the position.
The move marks a shift toward institutional-grade oversight in US. crypto markets, providing regulatory standards for products that have long been available on offshore platforms.
The initiative aligns with a September joint SEC-CFTC guidance confirming that registered exchanges can facilitate certain spot commodity trading, including digital assets.
Pham is currently the sole CFTC commissioner, giving her significant authority to direct the agency despite the federal government shutdown delaying confirmation of Trump nominee Mike Selig as commissioner.
The acting chair is reportedly expected to join global payments firm MoonPay after her tenure, though Pham has not publicly confirmed those plans.
Industry executives view the regulatory clarification as opening the door for mainstream adoption of leveraged spot crypto trading, allowing US. investors to access these assets on regulated venues.
